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PZ Cussons

March 2010

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • PZC
  • Price:
  • 274p
The combination of investment, as well as a focus on innovation helped PZ Cussons, a supplier of branded personal care products, issue a blow-out set of half-year results. Overall sales grew just 1% to £370m but Cussons' operating profit grew a healthy 15% to £44.9m, while a lower minority charge helped eps soar 28% to 6.7p. The company threw off so much cash that it swung from net debt of £41m to net cash of £25.5m.The European division led the way, with profit increasing 20% to £25m, largely through a rise in operating margins from 14.3% to 16.8%. This reflects both a positive mix effect thanks to successful product innovation, an easing of cost pressures and a good performance from key brands such as The Sanctuary, Imperia ...

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PZ Cussons - Lock in profits and sell (March 2011)
PZ Cussons - Major new joint venture (February 2011)
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PZ Cussons - Imperial Leather owner set to increase profits to £100m in 2010 (April 2009)
PZ Cussons - Owner of Imperial Leather eyes further growth (January 2009)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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